THIS IDEA ARGUES THAT GOVERNMENT CONTROL OF THE ECONOMY IS NOT NEEDED BECAUSE PEOPLE PURSUE THEIR OWN INTERESTS TO PROVIDE FOR THEIR NEEDS AND WANTS
What is THE INVISIBLE HAND
100
THE DEGREE TO WHICH CHANGES IN PRICE CASUE CHANGES IN QUANTITY DEMANDED
What is ELASTICITY
100
RENTERS' INSURANCE, PROPERTY INSURANCE, AND LIABILITY INSURANCE ARE DESIGNED TO DO WHAT?
What is PROTECT AGAINST RISKS ASSOCIATED WITH THE USE OF PROPERTY
100
THIS ACRONYM IS USED TO REFLECT ECONOMIC GROWTH OF A NATION OVER A PERIOD OF TIME
What is GNP (GROSS NATIONAL PRODUCT)
200
THE IDEA THAT UNITED STATES ECONOMY EXPERIENCES A RECESSION AND EUROPEAN ECONOMIES SLOW DOWN ILLUSTRATES WHICH ECONOMIC TERM
What is ECONOMIC INTERDEPENDENCE
200
TYPE OF ECONOMIC SYSTEMS THAT BASES DECISIONS ON WHAT HAS ALWAYS BEEN DONE IN THE PAST
What is TRADITIONAL ECONOMY
200
IN CONTRAST TO SOLE PROPRIETORSHIPS AND PARTNERSHIPS, CORPORATIONS HAVE THE DISADVANTAGE OF
What is HIGHER TAXES
200
TENANTS AND LANDLORDS LIST A DESCRIPTION OF THE RIGHTS AND RESPONSIBILITIES OF BOTH PARTIES IN THIS DOCUMENT
What is A LEASE
200
A TYPE OF GOOD PRODUCED FOR FINAL USE BY YOU
What is CONSUMER GOOD
300
GOODS UDED TO MAKE OTHER GOODS
What are CAPITAL GOODS
300
THIS ECONOMIC SYSTEM IS MOST HEAVILY INFLUENCED BY GOVERNMENT PLANNING
What is COMMAND ECONOMY
300
WHEN TWO COMPANIES JOIN TOGETHER THAT PRODUCED THE SAME PRODUCT/SERVICE BEFORE AND AFTER
What is A HORIZONTAL MERGER
300
WHEN COMPARING CREDIT COSTS, THIS IS THE MOST IMPORTANT NUMBER TO CONSIDER
What is THE APR (ANNUAL PERCENTAGE RATE)
300
THE CORNERSTONE OF A MARKET ECONOMY, THE RIGHT TO CONTROL YOUR PROPERTY AS YOU SEE FIT
What is PRIVATE PROPERTY
400
PRODUCTS THAT CAN BE USED IN COMBINATION WITH EACH OTHER
What is COMPLIMENTARY PRODUCTS
400
THIS MAN'S THEORY OF THE INVISIBLE HAND EXPLAINS THE FUNCTIONING OF A MARKET ECONOMY
Who is ADAM SMITH
400
THE NATIONAL WILDLIFE FEDERATION, THE GIRL SCOUTS OF AMERICA, AND RELIGIOUS ORGANIZATIONS ARE THIS TYPE OF BUSINESS THAT IS ORGANIZED LIKE A CORPORATION BUT GIVES BACK TO THE COMMUNITY
What is A NON PROFIT ORGANIZATION
400
EQUIFAX, TRANSUNION, AND EXPERIEN ARE THE MAIN 3 _____________________ THAT GATHER INFORMATION ABOUT INDIVIDUALS THAT APPLY FOR OR USE CREDIT
What is CREDIT BUREAUS
400
THIS CHARACTERISTIC OF THE MARKET ECONOMY LEADS TO LOWER PRICES, BETTER QUALITY, AND GRETER VARIETY
What is THE PROFIT MOTIVE
500
THE VALUE OF EACH ADDITIONAL UNIT OF A PRODUCT DECREASES AS MORE UNITS ARE PURCHASED
What is DIMINISHING MARGINAL UTILITY
500
THE ECONOMIC SYSTEMS THAT GIVES INDIVIDUALS THE LARGEST AMOUNT OF INFLUENCE
What is A MARKET ECONOMY
500
REPLACING A COSTLY ITEM WITH A CHEAPER VERSION
What is THE SUBSTITUTION FACTOR
500
THE MAXIMUM DOLLAR VALUE OF MERCHANDISE THAT CAN BE PURCHASED ON CREDIT
What is THE CREDIT LIMIT/LINE
500
THIS CONCEPT STATES THAT PEOPLE HAVE THE FREEDOM TO CHOOSE WHAT TO BUY AND SELL AND HOW MUCH TO CONSUME VS. SAVE